No Shark Tank did not invest in Manscaped. Although the deal seemed to be completed on the show, according to Mark Cuban, it never went through.
Despite this, Manscaped has continued to grow in popularity and is now one of the leading brands in male grooming. Whether Shark Tank invested in Manscaped or not, this company has become a significant player in men’s grooming products thanks to its innovative approach and high-quality products.
What is Shark Tank?
The Shark Tank is a top-rated (Emmy-winning) TV program that features entrepreneurs seeking funding for their business ventures. It is known for being one of the most prestigious investment opportunities in the world, making it an ideal place for businesses to secure financial backing from investors.
Shark Tank often features how some of its investments panned out in the form of follow-up stories.
What happened with Manscaped in the show?
Josh and Steve King (co-founder) from San Diego, California, asked the sharks for $500k in return for 7% equity in their self-grooming company Manscaped. They stated that in 2017, the manufacturing cost per product was only $12, and they generated $1.5 million in sales.
Charles Barkley and Kevin O’Leary were the first sharks to drop out because they didn’t think it was a wise investment. Robert Herjavec offered $500,000 for 35% equity, but Mark Cuban and Lori Greiner decided to team up and offer $500,000 for 25% instead.
Josh and Steve’s positive response to Mark and Lori’s offer resulted in Manscaped gaining remarkable success, reaching a company net worth of 1 billion dollars.
Despite this, Shark Tank did not invest in Manscaped after the show, and the deal ultimately fell through.
What Happened to Manscaped After Shark Tank?
Shark Tank did not end up investing in the company. However, despite never securing funding from Shark Tank, Manscaped has grown to become one of the leading brands in men’s grooming products.
In 2020, Manscaped had investment firms Kaktus Capital, Longley Capital, Rx3 Venture Partners, and Scala Ventures before turning to other fundraising options.
An ongoing merger discussion between Manscaped and Bright Lights (a Los Angeles-based company) was revealed in July 2021. The combined entity would be worth up to $1.4 billion.
In a difficult market, it was confirmed in November 2021 that the merger would go ahead at a valuation of around $1 billion. This followed reports in October that the company was considering selling for $500 million. The merger was guaranteed after actor Channing Tatum and two investment firms, Endeavor and Guggenheim Investments, decided to invest in the company.
Conclusion
Whether Shark Tank invested in Manscaped, this company has experienced tremendous growth and success. Its innovative products, high-quality manufacturing process, and strong brand recognition have made it a leading player in the men’s grooming industry. While Shark Tank did not end up investing in Manscaped, the company continues to thrive, with ongoing discussions about a merger and new investments from top firms. We can expect to see even greater success from Manscaped in the years to come.